Important Details of Information on Filing of XBRL Financial Statements with ACRA
XBRL Filing Errors: Requirement to Ensure Accuracy and Completeness of XBRL Financial Statements Filed with ACRA
Companies filing XBRL financial statements with ACRA are reminded to ensure that the information filed is accurate and complete. This requirement, as detailed in Practice Direction 1 of 2014, is crucial as financial information filed with ACRA is public record. The information can be publicly accessed for various purposes including by investors for investment making decisions, banks and financial institutions that may extend credit or loans to companies, and by other businesses and members of the public who deal with the companies.
The most common filing errors are typographical or clerical in nature. For past XBRL filings, companies should take appropriate steps such as filing a Notice of Error (NOE) to rectify any errors noted as soon as possible.
Companies can refer to the list of common filing errors. This was compiled from past reviews of XBRL financial statements filed with ACRA.
Phasing out of BizFinx Training Course Subsidies
Since 2013, ACRA has, in collaboration with our professional partners, provided training courses to help companies prepare their financials in full XBRL format at a heavily subsidized rate. Over 5,000 participants have attended these courses to-date. With the demand for such courses declining, these training subsidies will be phased out by 31 December 2016.
Participants applying for training subsidies (which are available for courses conducted before 31 December 2016) are strongly encouraged to submit their subsidy application forms to their respective training providers before 31 December 2016. This is to ensure that these applications are reviewed and approved in time. For information on the list of training providers conducting XBRL training courses, please click here.
Besides training courses, ACRA also conducts half-day training seminars which provide a general overview on XBRL filing requirements and preparation of XBRL financial statements. Interested parties can subscribe to the ACRA News Alert to receive updates on the upcoming training seminars.
Please visit Important Information on Filing of XBRL Financial Statements with ACRA for more information.